Uranium One Completes Acquisition of Energy Metals



    
    Trading Symbols:   SXR - Toronto Stock Exchange, JSE Limited
                       (Johannesburg Stock Exchange)
                       EMC - Toronto Stock Exchange; EMU - NYSE Arca
    

    TORONTO, VANCOUVER and JOHANNESBURG, Aug. 10 /CNW/ - Uranium One Inc.
("Uranium One") and Energy Metals Corporation ("EMC") are pleased to report
that Uranium One has completed the acquisition of all of the issued and
outstanding common shares of Energy Metals Corporation ("EMC"). Each common
share of EMC has been exchanged for 1.15 common shares of Uranium One. In
addition, all outstanding options to acquire common shares of EMC have been
exchanged for 1.15 options to acquire common shares of Uranium One.
    William Sheriff, formerly Chairman of EMC and William Lupien, formerly a
non-executive director of EMC, have been appointed to the board of directors
of Uranium One. Paul Matysek, formerly President and CEO of EMC, has been
appointed Executive Vice President, Americas for Uranium One.
    Shareholders of EMC may exchange their share certificates for share
certificates of Uranium One by submitting them to Computershare Investor
Services Inc. along with a completed Letter of Transmittal in the form
provided to the holders of EMC share certificates. The Letter of Transmittal
is available on the EMC website www.energymetalscorp.com.
    The common shares of EMC have ceased trading on the NYSE Arca and will
cease trading on the TSX at the close of trading on August 13, 2007.

    About Uranium One

    Uranium One Inc. is a Canadian-based uranium producing company with a
primary listing on the Toronto Stock Exchange and a secondary listing on the
JSE Limited (the Johannesburg stock exchange). The Corporation owns 70% of the
operating Akdala Uranium Mine in Kazakhstan and is also developing the South
Inkai and Kharasan Uranium Projects in Kazakhstan. Uranium One owns the
Dominion Uranium Project in South Africa, as well as the Honeymoon Uranium
Project in South Australia. In the United States, Uranium One has extensive
property holdings in Wyoming, Texas, Utah and New Mexico, including the
Shootaring Canyon Mill and the Hobson ISR facility. Uranium One is also
engaged in uranium exploration activities in the United States, the Athabasca
Basin of Saskatchewan, South Africa, Australia and the Kyrgyz Republic.

    Cautionary Statement

    No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
    Forward-looking statements: This press release contains certain
forward-looking statements. Forward-looking statements include but are not
limited to those with respect to the price of uranium and gold, the estimation
of mineral resources and reserves, the realization of mineral reserve
estimates, the timing and amount of estimated future production, costs of
production, capital expenditures, costs and timing of the development of new
deposits, success of exploration activities, permitting time lines, currency
fluctuations, requirements for additional capital, government regulation of
mining operations, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage and the timing
and possible outcome of pending litigation. In certain cases, forward-looking
statements can be identified by the use of words such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or "believes"
or variations of such words and phrases, or state that certain actions, events
or results "may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Uranium One to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements. Such risks and uncertainties include, among
others, the actual results of current exploration activities, conclusions of
economic evaluations, changes in project parameters as plans continue to be
refined, possible variations in grade and ore densities or recovery rates,
failure of plant, equipment or processes to operate as anticipated, accidents,
labour disputes or other risks of the mining industry, delays in obtaining
government approvals or financing or in completion of development or
construction activities, risks relating to the integration of acquisitions, to
international operations, to prices of uranium and gold as well as those
factors referred to in the section entitled "Risk factors" in Uranium One's
Annual Information Form for the year ended December 31, 2006 which is
available on SEDAR at www.sedar.com, and which should be reviewed in
conjunction with this document. Although Uranium One has attempted to identify
important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Uranium One expressly disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except in accordance with applicable
securities laws.
    For further information about Uranium One, please visit www.uranium1.com

    %SEDAR: 00005203E




For further information:

For further information: Neal Froneman, Chief Executive Officer, Tel: +
27 11 482 3605; Chris Sattler, Senior Vice President, Investor Relations, Tel:
(416) 350-3657

Organization Profile

Uranium One Inc.

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ENERGY METALS CORPORATION

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